If we compare the annual growth rates in the U.S. and Japan, we see that from 1950 to 1992, the difference in average annual growth in GDP per capita between Japan and the U.S. was about
A. 0.012
B. 0.022
C. 0.028
D. 0.038
E. 0.052
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Which of the following is FALSE?
A. a high level of investment generally does not lead to a higher living standard
B. in industrial countries the amount of labor is less important than the skills and talent of the work force
C. a country that possesses rich natural resources should have a high standard of living
D. countries with fewer average years of schooling often have lower living standards
E. if a poor country invests in health it can significantly increase the quality of human capital and thus raise overall living standards
If two countries have the same aggregate production function, rate of technological growth, and savings rate, then
A. they will always have the same per-capita income
B. the country with the higher rate of population growth will have a higher per-capita income
C. the country with the lower rate of population growth will have a higher per-capita income
D. the country with the highest depreciation rate will have the highest per-capita income
E. both C) and D)
In a neoclassical growth model, a decline in population growth will
A. shift the production function down
B. shift the savings function down
C. decrease the slope of the investment requirement line
D. all of the above
E. only A) and C)
An economy with a capital-labor ratio that is lower than the steady-state level can achieve a steady-state equilibrium at this lower capital-labor ratio only if
A. the savings rate decreases
B. the rate of depreciation decreases
C. the rate of population growth decreases
D. technological advances are made
E. all of the above
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